Everyone is excited to go on a trip, especially out of India. Very few things can beat the thrill that foreign travel affords. However, you must set a budget before packing your luggage and booking the tickets. Since travelling abroad is expensive, we all love to get the most value for our money. Currency conversion significantly affects the tour budget.
Usually, when you convert US Dollar to Indian Rupee, you need to pay a markup on the exchange rate and the service fee. Depending on where, when, and how you exchange the currency, this markup could range anywhere between 3% to 15%. Therefore, be mindful and make notes of these currency exchange tips to put to use while travelling:
Do your homework
If you have the luxury of planning your trip two months in advance, keep an eye on the exchange rate movement between your home and destination currencies. You can download the currency converter to check the present interbank exchange rates. Try converting SGD to INR and transfer cash before travelling.
Monitoring the exchange rates gives you a fair idea of the value you should convert before travel and whether to capitalise on favourable currency movement.
Currency conversion app
Among the currency exchange tips, a smart one is to track the exchange rates through an app and set alerts for significant currency movements. It will be helpful while shopping for rates before you travel and while you are at your destination. For example, if you are travelling to India from Australia, use the currency converter for AUD to INR.
Visit trusted banks
Are you wondering where to exchange money before the trip? Approach banks and trusted currency exchange houses before going ahead. Look at the exchange rates they offer for US Dollar in INR. Many banks provide travel-specific Credit and Debit Cards. If you often travel, opting for them can save you significant transaction fees.
These cards have many other benefits, such as complimentary airport lounge access, discounts on air tickets, low or zero transaction benefits on withdrawals from partner banks, cashback offers, and many more.
Opportunities to fetch
Enquire about your native bank’s partner ATM network overseas. The tie-up ensures that you do not pay exorbitantly for transaction costs involved in Dollar to INR conversion. Also, look for local government agencies, such as post offices, for subsidised exchange rates.
While exchanging currencies, remember to make smart moves. Instead of making small frequent withdrawals and paying a service fee for each, consolidate your transactions to reduce the overall cost. Develop budgeting skills and withdraw only how much you need.
By keeping these currency exchange tips, you can make small savings to add more days to your international vacation. Complete all compliance procedures before your journey so your transactions do not get declined.
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